---







CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

FOR THE YEAR ENDED DECEMBER 31, 2018

(Expressed in Canadian Dollars)







---

|SILVERCREST METALS INC.
|-----------------------
|TABLE OF CONTENTS      
|                       
|                       

|                                                                 | Page        
|---------------------------------------------------------------- | ------------
|                                                                 |             
|Report
      of Independent Registered Public Accounting Firm    | 3
       4 
|                                                                 |             
|Consolidated
      Statements of Financial Position              | 5           
|                                                                 |             
|Consolidated
      Statements of Comprehensive Loss              | 6           
|                                                                 |             
|Consolidated
      Statements of Cash Flows                      | 7           
|                                                                 |             
|Consolidated
      Statements of Changes in Shareholders Equity | 8           
|                                                                 |             
|Notes
      to the Consolidated Financial Statements             | 9
       26

|2
|-

---



REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Directors of SilverCrest Metals
Inc.



Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated financial
statements of SilverCrest Metals Inc. (the Company), which comprise the
consolidated statements of financial position as of December 31, 2018 and 2017,
the consolidated statements of comprehensive loss, cash flows, and changes in
shareholders equity for the years ended December 31, 2018 and 2017 and the
related notes, comprising a summary of significant accounting policies and other
explanatory information (collectively referred to as the consolidated financial
statements).

In our opinion, these consolidated financial statements present
fairly, in all material respects, the financial position of the Company as at
December 31, 2018 and 2017 and its financial performance and its cash flows for
the years ended December 31, 2018 and 2017 in accordance with International
Financial Reporting Standards as issued by the International Accounting
Standards Board.

Change in Accounting Principle

Without qualifying our opinion on the consolidated financial
statements, we draw attention to Note 2 to the financial statements, which
indicates that the Company has changed its method of accounting for financial
instruments in 2018 due to adoption of IFRS 9  Financial Instruments.

Basis for Opinion

A - Managements Responsibility for the Consolidated
Financial Statements

Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error.

B - Auditors Responsibility

Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement, whether due to error
or fraud. Those standards also require that we comply with ethical requirements,
including independence. We are required to be independent with respect to the
Company in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB. We are a public accounting firm registered with the
PCAOB.



---

An audit includes performing procedures to assess the risks of
material misstatements of the consolidated financial statements, whether due to
error or fraud, and performing procedures to respond to those risks. Such
procedures included obtaining and examining, on a test basis, audit evidence
regarding the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on our judgment, including the assessment of the
risks of material misstatement of the consolidated financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal
control relevant to the Companys preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Companys internal control. The Company is
not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Accordingly, we express no such opinion.

An audit also includes evaluating the appropriateness of
accounting policies and principles used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements.

We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a reasonable basis for our audit
opinion.



Other Matters

We have served as the Companys auditor since 2015.



|                  | DAVIDSON & COMPANY LLP
|----------------- | ------------------------
|                  |                         
|Vancouver, Canada | Chartered Professional  
|Accountants       |                         
|                  |                         
|March 11, 2019    |                         

|4
|-

---

|SILVERCREST METALS INC.                      
|---------------------------------------------
|CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|(EXPRESSED IN CANADIAN DOLLARS)              
|AS AT DECEMBER
      31,                     

|                                                        |   | 2018        |   |   | 2017       |  
|------------------------------------------------------- | - | ----------- | - | - | ---------- | -
|                                                        |   |             |   |   |            |  
|ASSETS                                                  |   |             |   |   |            |  
|Current assets                                          |   |             |   |   |            |  
|Cash and cash equivalents                               | $ | 44,013,742  |   | $ | 10,116,324 |  
|Amounts receivable (note 7)                             |   | 170,574     |   |   | 68,636     |  
|Taxes receivable                                        |   | 36,519      |   |   | 19,500     |  
|Prepaids                                                |   | 353,095     |   |   | 108,195    |  
|Total current assets                                    |   | 44,573,930  |   |   | 10,312,655 |  
|                                                        |   |             |   |   |            |  
|Non-current assets                                      |   |             |   |   |            |  
|Taxes receivable                                        |   | 3,877,934   |   |   | 1,526,702  |  
|Deposits                                                |   | 70,553      |   |   | 58,076     |  
|Property and equipment (note 6)                         |   | 1,302,884   |   |   | 1,001,038  |  
|Exploration and evaluation assets (note 5)              |   | 31,615,763  |   |   | 13,994,090 |  
|Total
      non-current assets                          |   | 36,867,134  |   |   | 16,579,906 |  
|                                                        |   |             |   |   |            |  
|TOTAL
      ASSETS                                      | $ | 81,441,064  |   | $ | 26,892,561 |  
|                                                        |   |             |   |   |            |  
|LIABILITIES AND SHAREHOLDERS' EQUITY                    |   |             |   |   |            |  
|                                                        |   |             |   |   |            |  
|Current liabilities                                     |   |             |   |   |            |  
|Accounts payable and accrued
      liabilities (note 7) | $ | 1,462,538   |   | $ | 906,291    |  
|                                                        |   |             |   |   |            |  
|Shareholders' equity                                    |   |             |   |   |            |  
|Capital stock (note 8)                                  |   | 86,745,544  |   |   | 29,899,525 |  
|Share-based payment reserve (note 8)                    |   | 6,196,165   |   |   | 3,278,378  |  
|Deficit                                                 |   | (12,963,183 | ) |   | (7,191,633 | )
|Total shareholders' equity                              |   | 79,978,526  |   |   | 25,986,270 |  
|                                                        |   |             |   |   |            |  
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY              | $ | 81,441,064  |   | $ | 26,892,561 |  

Nature of operations (note 1) Commitment(note 11)Subsequent events (note 14)

Approved by the Board and authorized for issue on March 11,
2019:

|"N. Eric
      Fier | Director | Graham C. Thody | Director
|-------------------- | -------- | ----------------- | --------

The accompanying notes are an integral part of these
consolidated financial statements.

|5
|-

---

|SILVERCREST METALS INC.                      
|---------------------------------------------
|CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|(EXPRESSED IN CANADIAN DOLLARS)              
|FOR THE YEARS ENDED DECEMBER 31,             

|                                                            |   | 2018       |   |   | 2017       |  
|----------------------------------------------------------- | - | ---------- | - | - | ---------- | -
|                                                            |   |            |   |   |            |  
|Depreciation (note 6)                                       | $ | 3,971      |   | $ | 5,179      |  
|Exploration expenditures                                    |   | 139,659    |   |   | 113,254    |  
|Foreign exchange (gain) loss                                |   | (912,045   | ) |   | 233,397    |  
|Impairment (note 5)                                         |   | 642,283    |   |   | 76,387     |  
|Insurance                                                   |   | 132,620    |   |   | 59,760     |  
|Interest income                                             |   | (335,164   | ) |   | (41,571    | )
|Management and director fees (note 7)                       |   | 500,289    |   |   | 327,432    |  
|Office and miscellaneous                                    |   | 139,388    |   |   | 80,234     |  
|Professional fees (note 7)                                  |   | 315,049    |   |   | 188,127    |  
|Regulatory and transfer agent fees                          |   | 238,338    |   |   | 91,846     |  
|Rent and communications                                     |   | 192,043    |   |   | 160,380    |  
|Remuneration (note 7)                                       |   | 1,466,109  |   |   | 577,690    |  
|Share-based compensation (notes 7 and 8)                    |   | 2,544,834  |   |   | 2,451,021  |  
|Shareholder and investor relations                          |   | 231,312    |   |   | 210,718    |  
|Technical consultants                                       |   | 24,000     |   |   | 81,854     |  
|Tradeshow and
      travel                                  |   | 448,864    |   |   | 259,553    |  
|Net and comprehensive loss for the year                     | $ | (5,771,550 | ) | $ | (4,875,261 | )
|                                                            |   |            |   |   |            |  
|Basic and diluted comprehensive loss per common
      share | $ | (0.08      | ) | $ | (0.10      | )
|                                                            |   |            |   |   |            |  
|Weighted average number of common shares
      outstanding  |   | 70,910,735 |   |   | 49,710,685 |  

The accompanying notes are an integral part of these consolidated financial statements.

|6
|-

---

|SILVERCREST METALS INC.              
|-------------------------------------
|CONSOLIDATED STATEMENTS OF CASH FLOWS
|(EXPRESSED IN CANADIAN DOLLARS)      
|FOR THE YEARS ENDED DECEMBER 31,     

|                                                                               |   | 2018        |   |   | 2017       |  
|------------------------------------------------------------------------------ | - | ----------- | - | - | ---------- | -
|                                                                               |   |             |   |   |            |  
|CASH FLOWS FROM OPERATING ACTIVITIES                                           |   |             |   |   |            |  
|Net loss for the year                                                          | $ | (5,771,550  | ) | $ | (4,875,261 | )
|Items not affecting cash:                                                      |   |             |   |   |            |  
|Depreciation                                                                   |   | 3,971       |   |   | 5,179      |  
|Impairment                                                                     |   | 642,283     |   |   | 76,387     |  
|Interest income                                                                |   | (335,164    | ) |   | (41,571    | )
|Share-based compensation                                                       |   | 2,544,834   |   |   | 2,451,021  |  
|Changes in non-cash working capital items:                                     |   |             |   |   |            |  
|Amounts receivable                                                             |   | (55,052     | ) |   | (9,453     | )
|Taxes receivable                                                               |   | (2,368,251  | ) |   | (1,083,189 | )
|Prepaids and deposits                                                          |   | (257,377    | ) |   | (11,987    | )
|Accounts payable and accrued liabilities                                       |   | 266,882     |   |   | 60,431     |  
|Net cash used
      in operating activities                                    |   | (5,329,424  | ) |   | (3,428,443 | )
|                                                                               |   |             |   |   |            |  
|CASH FLOWS FROM INVESTING ACTIVITIES                                           |   |             |   |   |            |  
|Interest received                                                              |   | 288,278     |   |   | 48,955     |  
|Exploration and evaluation assets                                              |   | (17,010,194 | ) |   | (9,023,908 | )
|Option payment received                                                        |   | 126,007     |   |   | -          |  
|Purchase of property and equipment                                             |   | (360,579    | ) |   | (943,259   | )
|Sale of short-term investments                                                 |   | -           |   |   | 4,000,000  |  
|Net cash used
      in investing activities                                    |   | (16,956,488 | ) |   | (5,918,212 | )
|                                                                               |   |             |   |   |            |  
|CASH FLOWS FROM FINANCING ACTIVITIES                                           |   |             |   |   |            |  
|Capital stock issued                                                           |   | 57,674,819  |   |   | 11,299,465 |  
|Capital
      stock issuance costs                                             |   | (1,491,489  | ) |   | (765,203   | )
|Net cash provided by financing activities                                      |   | 56,183,330  |   |   | 10,534,262 |  
|                                                                               |   |             |   |   |            |  
|Change in cash and cash equivalents,
      during the year                     |   | 33,897,418  |   |   | 1,187,607  |  
|Cash and cash
      equivalents, beginning of the year                         |   | 10,116,324  |   |   | 8,928,717  |  
|Cash and cash equivalents, end of the year                                     | $ | 44,013,742  |   | $ | 10,116,324 |  
|                                                                               |   |             |   |   |            |  
|Cash and cash equivalents is represented
      by:                             |   |             |   |   |            |  
|Cash                                                                           | $ | 39,614,197  |   | $ | 10,116,324 |  
|Cash equivalents                                                               |   | 4,399,545   |   |   | -          |  
|Total cash and
      cash equivalents                                          | $ | 44,013,742  |   | $ | 10,116,324 |  
|                                                                               |   |             |   |   |            |  
|Non-cash investing activities                                                  |   |             |   |   |            |  
|Capitalized to exploration and evaluation
      assets                         |   |             |   |   |            |  
|Accounts payable and accrued liabilities                                       | $ | 846,814     |   | $ | 641,820    |  
|Fair value of shares issued for
      mineral property                         | $ | 682,992     |   | $ | -          |  
|Depreciation                                                                   | $ | 54,762      |   | $ | 38,305     |  
|Share-based compensation                                                       | $ | 437,021     |   | $ | 285,723    |  
|Non-cash financing activities                                                  |   |             |   |   |            |  
|Capital stock issuance costs in accounts payable and
      accrued liabilities | $ | 184,647     |   | $ | 100,276    |  

The accompanying notes are an integral part of these consolidated financial statements.

|7
|-

---

|SILVERCREST METALS INC.                        
|-----------------------------------------------
|CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
|(EXPRESSED IN CANADIAN DOLLARS)                

Capital stock
      
      
      Share-basedpaymentNumber
      
      
      Amount
      
      
      reserve
      
      
      Deficit
      
      
      TotalBalance at December 31,
        2016
      
      47,772,517
      
      $
      19,362,804
      
      $
      544,757
      
      $
      (2,316,372
      )
      $
      17,591,189Capital stock issued (note 8)
      
      9,572,810
      
      
      10,051,451
      
      
      -
      
      
      -
      
      
      10,051,451Capital stock issuance costs, net of recovery
        (note 8)
      
      -
      
      
      (765,867
      )
      
      -
      
      
      -
      
      
      (765,867
      )Warrants exercised (note 8)
      
      6,232,571
      
      
      1,246,514
      
      
      -
      
      
      -
      
      
      1,246,514Stock options exercised (note 8)
      
      25,005
      
      
      4,623
      
      
      (3,123
      )
      
      -
      
      
      1,500Share-based compensation
        (note 8)
      
      -
      
      
      -
      
      
      2,736,744
      
      
      -
      
      
      2,736,744Net
        and comprehensive loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (4,875,261
      )
      
      (4,875,261
      )Balance at December 31, 2017
      
      63,602,903
      
      
      29,899,525
      
      
      3,278,378
      
      
      (7,191,633
      )
      
      25,986,270Capital stock issued (note 8)
      
      16,886,895
      
      
      48,663,339
      
      
      -
      
      
      -
      
      
      48,663,339Shares issued for mineral
        property (notes 5 and 8)
      
      236,750
      
      
      682,992
      
      
      -
      
      
      -
      
      
      682,992Capital stock issuance costs, net of recovery
        (note 8)
      
      -
      
      
      (1,575,860
      )
      
      -
      
      
      -
      
      
      (1,575,860
      )Warrants exercised (note 8)
      
      3,511,085
      
      
      8,901,880
      
      
      -
      
      
      -
      
      
      8,901,880Stock options exercised (note 8)
      
      685,000
      
      
      173,668
      
      
      (64,068
      )
      
      -
      
      
      109,600Share-based compensation
        (note 8)
      
      -
      
      
      -
      
      
      2,981,855
      
      
      -
      
      
      2,981,855Net
        and comprehensive loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (5,771,550
      )
      
      (5,771,550
      )Balance at December 31, 2018
      
      84,922,633
      
      $
      86,745,544
      
      $
      6,196,165
      
      $
      (12,963,183
      )
      $
      79,978,526


The accompanying notes are an integral part of these consolidated financial statements.

|8
|-

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

1.NATURE OF OPERATIONS

SilverCrest Metals Inc. (the Company or SilverCrest) is a
Canadian precious metals exploration company headquartered in Vancouver, BC. The
Company was incorporated under the Business Corporations Act (British Columbia).
The common shares of the Company trade on the TSX Venture Exchange under the
symbol SIL and on the NYSE-American under the symbol SILV. The head office
and principal address of the Company is 501-570 Granville Street, Vancouver, BC,
Canada, V6C 3P1. The address of the Companys registered and records office is
19th Floor, 885 West Georgia Street, Vancouver, BC, Canada, V6C 3H4.

While the Company currently has no source of revenue, its cash
and cash equivalents of $44 million, as of December 31, 2018 contribute to
working capital of $43 million, which management believes will be sufficient to
fund its minimum exploration activities and general working capital for the next
12 months. The Companys financial success is dependent on its ability to
discover economically viable mineral deposits. In order to advance beyond the
currently planned surface and underground exploration programs at Las Chispas,
the Company may require substantial additional financing, which is subject to a
number of factors many of which are beyond the Companys control. There is no
assurance that future equity capital will be available to the Company in the
amounts or at the times desired by the Company or on terms that are acceptable
to it, if at all. These consolidated financial statements have been prepared by
management on a going concern basis which assumes that the Company will be able
to realize its assets and discharge its liabilities in the normal course of
business for the foreseeable future.

2.SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation and measurement

These consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB) and interpretations of
the International Financial Reporting Interpretations Committee (IFRIC). The
policies applied in these consolidated financial statements are based on IFRSs
in effect as at December 31, 2018.

These consolidated financial statements have been prepared on a
historical cost basis, except for certain financial instruments which are
measured at fair value. Additionally, these consolidated financial statements
have been prepared using the accrual basis of accounting, except for cash flow
information.

These consolidated financial statements were approved for
issuance by the Board of Directors on March 11, 2019.

Basis of consolidation

These consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries, NorCrest Metals Inc., a Canadian
corporation, Minera La Llamarada, S.A. de C.V., a Mexican corporation, and
Babicanora Agricola del Noroeste S.A. de C.V., a Mexican corporation. The
Company consolidates subsidiaries where the Company has the ability to exercise
control. Control is achieved when the Company is exposed to variable returns
from involvement with an investee and has the ability to affect the returns
through power over the investee. Control is normally achieved through ownership,
directly or indirectly, of more than 50 percent of the voting power. Control can
also be achieved through power over more than half of the voting rights by
virtue of an agreement with other investors or through the exercise of de facto
control. All intercompany balances, transactions, income and expenses, and
profits or losses have been eliminated on consolidation.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly
liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of change in value.

Taxes receivable

Current taxes receivable consists of Goods and Services Tax
receivables generated on the purchase of supplies and services, and are
refundable from the Canadian government. Non-current taxes receivable consists
of Value Added Tax (VAT) receivables generated on the purchase of supplies and
services and are receivable from the Mexican government. The Company classified
VAT receivables as non-current as it does not expect collection to occur within
the next year. The VAT refund process in Mexico requires a significant amount of
information and follow-up and the timing of collection of VAT receivables is
uncertain. The Company believes that taxes receivable balances are fully
recoverable and has not provided an allowance.

|9
|-

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

2.SIGNIFICANT ACCOUNTING POLICIES(continued)

Property and equipment

Equipment is recorded at historical cost less accumulated
depreciation and impairment charges. Equipment is depreciated using the
straight-line method over the estimated useful lives of the individual assets.
The significant classes of equipment and their useful lives are as follows:

Computer equipment
    3-4 years
    Office equipment and furniture
    5-10 yearsComputer software
    1 year
    Vehicles
    4 years


An item of equipment is derecognized upon disposal, when held
for sale, or when no future economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising on disposal of the asset,
determined as the difference between the net disposal proceeds and the carrying
amount of the asset, is recognized in profit or loss.

Non-depreciable property, such as land, is recorded at
historical cost, less any impairment charges.

Exploration and evaluation assets

Pre-exploration costs are expensed in the period in which they
are incurred.

Once the legal right to explore a mineral property has been
acquired, all costs related to the acquisition, exploration and evaluation of
mineral properties are capitalized by property. These direct expenditures
include such costs as materials used, surveying costs, geological studies,
drilling costs, payments made to contractors, and depreciation of plant and
equipment during the exploration phase. Costs not directly attributable to
exploration and evaluation activities, including general administrative overhead
costs, are expensed in the period in which they occur.

Exploration and evaluation expenditures for each mineral
property are carried forward as an asset provided that one of the following
conditions is met:

|• | Such costs are expected to be recouped in full through
      the successful exploration and development of the mineral property or
      alternatively, by sale; or                                                                                                                                                             
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Exploration and evaluation activities in the mineral
      property have not reached a stage which permits a reasonable assessment of
      the existence of economically recoverable reserves, but active and
      significant operations in relation to the mineral property are continuing,
      or planned for the future.

The carrying values of capitalized amounts are reviewed
annually, or when indicators of impairment are present. In the case of
undeveloped properties, there may be only inferred resources to allow management
to form a basis for the impairment review. The review is based on the Companys
intentions for the development of such a property. If a mineral property does
not prove viable, all unrecoverable costs associated with the property are
charged to the consolidated statement of comprehensive loss at the time the
determination is made. Once the technical feasibility and commercial viability
of extracting the mineral resource has been determined, the property is
considered to be a mine under development and is classified as mining assets.
Capitalized exploration and evaluation expenditures are tested for impairment
before they are transferred to development properties.

Impairment of tangible and intangible assets

At each financial position reporting date, the carrying amounts
of the Companys assets are reviewed to determine whether there is any
indication that those assets are impaired. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of
the impairment, if any. The recoverable amount is the higher of fair value less
costs to dispose (FVLCTD) and value in use, which is the present value of
future cash flows expected to be derived from the asset. If the recoverable
amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount and the
impairment loss is recognized in the statement of comprehensive loss.

For the purposes of impairment testing, exploration and
evaluation assets are allocated to cash-generating units to which the
exploration activity relates. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for the cash
generating unit to which the asset belongs. Where an impairment loss
subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so
that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognized for the asset
(or cash-generating unit) in prior years. A reversal of an impairment loss is
recognized immediately in the statement of comprehensive loss.

|10
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

2.SIGNIFICANT ACCOUNTING POLICIES(continued)

Asset retirement obligations

The Company recognizes a legal liability for obligations
relating to the reclamation of mineral interests (exploration and evaluation
assets) and property, plant, and equipment when those obligations arise from the
acquisition, construction, development, or normal operation of those assets.
Such asset retirement costs must be recognized when a reliable estimate can be
made, in the period in which it is incurred, added to the carrying value of the
asset, and amortized into income on a systematic basis over its useful life.
When the extent of disturbance increases over the life of an operation, the
provision is increased accordingly. Provisions are measured at the present value
of the expected future expenditures required to settle the obligation, using a
pre-tax discount rate reflecting a risk-free rate (the time value of money) plus
risks specific to the liability. The liability is increased for the passage of
time, and adjusted for changes to the current market-based risk-free discount
rate as well as changes in the estimated amount or timing of the expected future
expenditures. At this time, the Company does not have any significant asset
retirement obligations.

Foreign currency translation

The presentation currency of the Company is the Canadian
dollar. The functional currency is the currency of the primary economic
environment in which the entity operates and has been determined for each entity
within the Company. The Company considers the functional currency for its parent
entity and subsidiaries to be the Canadian dollar. The functional currency
determinations were conducted through an analysis of the consideration factors
identified in International Accounting Standard (IAS) 21, The Effects of
Changes in Foreign Exchange Rates.

Transactions in currencies other than the Canadian dollar are
recorded at exchange rates prevailing on the dates of the transactions. At the
end of each reporting period, the monetary assets and liabilities of the Company
that are denominated in foreign currencies are translated at the rate of
exchange at the statement of financial position date, while non-monetary assets
and liabilities are translated at historical rates. Revenues and expenses are
translated at the exchange rates approximating those in effect on the date of
the transactions. Exchange gains and losses arising on translation are included
in profit or loss.

Share-based compensation and payments

The Company grants stock options to buy common shares of the
Company to directors, officers, employees, and consultants. The cost of stock
options granted is recorded based on the estimated fair-value at the grant date
and charged to the consolidated statement of comprehensive loss over the vesting
period. Where stock options are subject to vesting, each vesting tranche is
considered a separate award with its own vesting period and grant date fair
value. The fair value of each tranche is measured at the date of grant using the
Black-Scholes Option Pricing Model. Compensation expense is recognized over the
tranches vesting period by a charge to the statement of comprehensive loss,
with a corresponding increase to reserves based on the number of options
expected to vest. Consideration paid for the shares on the exercise of stock
options is credited to capital stock. When vested options are forfeited or are
not exercised at the expiry date the amount previously recognized in share-based
compensation is transferred to deficit. The number of options expected to vest
is reviewed at least annually, with any impact being recognized immediately.

In situations where equity instruments are issued to
non-employees and some or all of the goods or services received by the entity as
consideration cannot be specifically identified, they are measured at fair value
of the share-based payment. Otherwise, share-based payments are measured at the
fair value of goods or services received.

Warrants issued in equity financing transactions

The Company engages in equity financing transactions to obtain
the funds necessary to continue operations and explore and evaluate mineral
properties. These equity financing transactions may involve issuance of common
shares or units. A unit comprises a certain number of common shares and a
certain number of share purchase warrants. Depending on the terms and conditions
of each equity financing agreement, the warrants are exercisable into additional
common shares prior to expiry at a price stipulated by the agreement. Warrants
that are part of units are valued based on the residual value method and
included in share capital with the common shares that were concurrently issued.
Warrants that are issued as payment for an agency fee or other transactions
costs are accounted for as share-based payments.

|11
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

2.SIGNIFICANT ACCOUNTING POLICIES(continued)

Related party transactions

Parties are considered to be related if one party has the
ability, directly or indirectly, to control the other party or exercise
significant influence over the other party in making financial and operating
decisions. Parties are also considered to be related if they are subject to
common control, and related parties may be individuals, including immediate
family members of the individual, or corporate entities, including the Companys
wholly-owned subsidiaries. A transaction is considered to be a related party
transaction when there is a transfer of resources or obligations between related
parties.

Loss per share

Basic loss per share is computed by dividing net loss available
to common shareholders by the weighted average number of shares outstanding
during the reporting period. Diluted loss per share is computed similarly to
basic loss per share except that the weighted average shares outstanding are
increased to include additional shares for the assumed exercise of stock options
and warrants, if dilutive. The number of additional shares is calculated by
assuming that outstanding stock options and warrants were exercised and that the
proceeds from such exercises were used to acquire common stock at the average
market price during the reporting periods.

Taxation

Income tax expense comprises current and deferred income taxes.
Current and deferred income taxes are recognized in profit or loss except to the
extent that they relate to items recognized directly in equity. Current income
tax expense is the expected tax payable on taxable income for the year, using
tax rates enacted or substantively enacted at year end, adjusted for amendments
to tax payable with regards to previous years.

The Company follows the asset and liability method of
accounting for income taxes whereby deferred income tax assets and liabilities
are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and
liabilities and their respective tax bases. Deferred income tax assets and
liabilities are measured using enacted or substantively enacted tax rates and
laws expected to apply in the years in which temporary differences are expected
to be recovered or settled. The effect of a change in tax rates on deferred
income tax assets and liabilities is recognized in operations in the period of
substantive enactment.

A deferred tax asset is recognized only to the extent that it
is probable that future taxable profits will be available against which the
asset can be utilized. To the extent that the Company does not consider it
probable that a deferred tax asset will be recovered, the deferred tax asset is
not recorded. Deferred income tax assets and liabilities are presented as
non-current in the financial statements.

Financial instruments

The Company adopted all of the requirements of IFRS 9 
Financial Instruments (IFRS 9) as of January 1, 2018. IFRS 9 replaces
IAS 39  Financial Instruments: Recognition and Measurement (IAS 39).
IFRS 9 utilizes a revised model for recognition and measurement of financial
instruments and a single, forward-looking expected loss impairment model. Most
of the requirements in IAS 39 for classification and measurement of financial
liabilities were carried forward in IFRS 9, so the Companys accounting policy
with respect to financial liabilities is unchanged. As a result of the adoption
of IFRS 9, management has changed its accounting policy for financial assets
retrospectively, for assets that continued to be recognized at the date of
initial application. The change did not impact the carrying value of any
financial assets or financial liabilities on the transition date.

The following is the Companys new accounting policy for
financial instruments under IFRS 9:

Classification

The Company classifies its financial instruments in the
following categories: at fair value through profit and loss (FVTPL), at fair
value through other comprehensive income (loss) (FVTOCI), or at amortized
cost. The Company determines the classification of financial assets at initial
recognition. The classification of debt instruments is driven by the Companys
business model for managing the financial assets and their contractual cash flow
characteristics. Equity instruments that are held for trading are classified as
FVTPL. For other equity instruments, on the day of acquisition the Company can
make an irrevocable election (on an instrument-by-instrument basis) to designate
them as at FVTOCI. Financial liabilities are measured at amortized cost, unless
they are required to be measured at FVTPL (such as instruments held for trading
or derivatives) or the Company has opted to measure them at FVTPL.

|12
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

2.SIGNIFICANT ACCOUNTING POLICIES(continued)

Classification (continued)

The Company completed a detailed assessment of its financial
assets and liabilities as at January 1, 2018. The following table shows the
original classification under IAS 39 and the new classification under IFRS 9:

Financial assets/liabilities
    Original classification IAS 39
    New classification IFRS 9Cash and cash equivalents
    FVTPL
    FVTPLAmounts receivable
    Amortized cost
    Amortized costAccounts payable
    Amortized cost
    Amortized cost


The Company did not restate prior periods and determined that
the adoption of IFRS 9 resulted in no impact to the opening accumulated deficit
on January 1, 2018.

Measurement

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are
initially recognized at fair value plus or minus transaction costs,
respectively, and subsequently carried at amortized cost less any impairment.

Financial assets and liabilities at FVTPL

Financial assets and liabilities carried at FVTPL are initially
recorded at fair value and transaction costs are expensed in profit or loss.
Realized and unrealized gains and losses arising from changes in the fair value
of the financial assets and liabilities held at FVTPL are included in the
consolidated statements of comprehensive loss in the period in which they arise.

Impairment of financial assets at amortized cost

An expected credit loss impairment model applies which
requires a loss allowance to be recognized based on expected credit losses. The
estimated present value of future cash flows associated with the asset is
determined and an impairment loss is recognized for the difference between this
amount and the carrying amount as follows: the carrying amount of the asset is
reduced to estimated present value of the future cash flows associated with the
asset, discounted at the financial assets original effective interest rate,
either directly or through the use of an allowance account and the resulting
loss is recognized in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss
related to financial assets measured at amortized cost decreases, the previously
recognized impairment loss is reversed through profit or loss to the extent that
the carrying amount of the investment at the date the impairment is reversed
does not exceed what the amortized cost would have been had the impairment not
been recognized.

Derecognition

Financial assets

The Company derecognizes financial assets only when the
contractual rights to cash flows from the financial assets expire, or when it
transfers the financial assets and substantially all of the associated risks and
rewards of ownership to another entity. Gains and losses on derecognition are
generally recognized in the consolidated statements of comprehensive loss.

Revenue from contracts with customers

The Company adopted all of the requirements of IFRS 15
Revenue from Contracts with Customers (IFRS 15) as of January 1, 2018.
IFRS 15 utilizes a methodical framework for entities to follow in order to
recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods and services. As the Company
has no revenues, the change did not impact accumulated deficit or any assets and
liabilities on the transition date.

3.CRITICAL JUDGMENTS AND ESTIMATES

The preparation of these consolidated financial statements in
accordance with IFRS requires management to make judgments, estimates, and
assumptions that affect the reported amounts and the valuation of assets and
liabilities and the disclosure of contingent assets and liabilities at the date
of the consolidated financial statements and the reported amounts of revenues
and expenditures during the year.

|13
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

3.CRITICAL JUDGMENTS AND ESTIMATES(continued)

These judgments and estimates are continuously evaluated and
are based on managements experience and knowledge of the relevant facts and
circumstances. Actual results may differ from the estimates. Revisions to
estimates and the resulting effects on the carrying amounts of the Companys
assets and liabilities are accounted for prospectively. Information about such
judgments and estimates is contained in the description of accounting policies
(note 2) and/or other notes to the financial statements. Management has made the
following critical judgments and estimates:

Critical judgments in applying accounting policies

The critical judgments that the Companys management has made
in the process of applying the Companys accounting policies, apart from those
involving estimations, that have the most significant effect on the amounts
recognized in the Companys consolidated financial statements are as follows:

Exploration and evaluation assetsThe application of
the Companys accounting policy for exploration and evaluation expenditures
requires judgment in determining whether future economic benefits are likely,
which may be based on assumptions about future events or circumstances.
Estimates and assumptions made may change if new information becomes available.
If, after expenditures are capitalized, information becomes available suggesting
that the recovery of expenditures is unlikely, the amount capitalized is
recognized in loss in the period that the new information becomes available.

Functional currencyThe functional currency for the
Company is the currency of the primary economic environment in which the entity
operates. The Company had determined the functional currency of its Canadian and
Mexican entities to be the Canadian dollar. Determination of functional currency
may involve certain judgments to determine the primary economic environment, and
the Company reconsiders the functional currency of its entities if there is a
change in events and conditions which determined the primary economic
environment.

Impairment of non-current assetsNon-current assets
are tested for impairment when indicators of impairment are present. Calculating
the estimated fair values of cash generating units for non-current asset
impairment tests requires management to make estimates and assumptions with
respect to metal selling prices; future capital expenditures; reductions in the
amount of recoverable reserves, resources, and exploration potential; production
cost estimates; discount rates; and exchange rates. Reductions in metal price
forecasts; increases in estimated future costs of production; increases in
estimated future non-expansionary capital expenditures; reductions in the amount
of recoverable reserves, resources, and exploration potential; and/or adverse
current economics can result in a write-down of the carrying amounts of the
Companys non-current assets.

Key sources of estimation uncertainty

The significant assumptions about the future and other major
sources of estimation uncertainty as at the end of the reporting period that
have a significant risk of resulting in a material adjustment to the carrying
amounts of the Companys assets and liabilities are as follows:

Share-based paymentsThe Company uses the
Black-Scholes Option Pricing Model for the valuation of share-based payments.
Option pricing models require the input of the subjective assumptions including
expected price volatility, interest rate, expiry date, and forfeiture rate.
Changes in the input assumptions can materially affect the fair value estimate
and the Companys net loss and share-based payment reserve.

Income taxesManagement is required to make
estimations regarding the tax basis of assets and liabilities and related
deferred income tax assets and liabilities, the measurement of income tax
expense, and indirect taxes. A number of these estimates require management to
make estimates of future taxable profit, and if actual results are significantly
different than estimates, the ability to realize the deferred tax assets
recorded on the statement of financial position could be impacted. The Company
is subject to assessments by tax authorities who may interpret tax law
differently. These factors may affect the final amount or the timing of tax
payments.

4.NEW STANDARDS NOT YET ADOPTED

IFRS 16, published on January 13, 2016, supersedes IAS 17 
Leases. The standard provides a single lessee accounting model, requiring
lessees to recognize assets and liabilities for all leases unless a lease term
is 12 months or less or the underlying asset has a low value. Lessors continue
to classify leases as operating or finance, with IFRS 16s approach to lessor
accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 applies
to reporting periods beginning on or after January 1, 2019.

|14
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

4.NEW STANDARDS NOT YET ADOPTED(continued)

The Company plans to apply IFRS 16 effective January 1, 2019
using the modified retrospective method. Under this method, financial
information will not be restated and will continue to be reported under the
accounting standards in effect for those periods. The Company will recognize
lease obligations related to its lease commitments for its office lease. It will
be measured at the present value of the remaining lease payments, discounted
using the Companys incremental borrowing rate as at January 1, 2019. The
associated right of use asset will be measured at the lease obligation amount,
less prepaid lease payments, resulting in no adjustment to the opening balance
of retained earnings. The Company intends to apply the following practical
expedients permitted under the new standard:

- leases of low dollar value will continue to be expensed as incurred; and
- the Company will not apply any grandfathering practical expedients.

As at January 1, 2019 the Company expects to recognize
approximately $602,000 in right-of-use assets and $638,000 of incremental lease
obligations.

5.EXPLORATION AND EVALUATION ASSETS

Title to mineral properties involves certain inherent risks due
to the difficulties of determining the validity of certain claims as well as the
potential for problems arising from the frequently ambiguous conveyancing
history characteristic of many mineral properties. The Company has investigated
title to all of its mineral properties and, to the best of its knowledge, titles
to all of its properties are in good standing except as otherwise disclosed.
However, this should not be considered as a guarantee of title. The mineral
properties may be subject to prior claims or agreements, or transfers, and
rights of ownership may be affected by undetected defects.

The following table summarizes the Companys exploration and
evaluation asset expenditures:

|                                                    |   | Cruz de Mayo |   |   | Guadalupe |   |   | Huasabas |   |   | Las Chispas(1 | ) |   | Other    |   |   | Total      |  
|--------------------------------------------------- | - | ------------ | - | - | --------- | - | - | -------- | - | - | ------------- | - | - | -------- | - | - | ---------- | -
|Balance at December 31, 2016                        | $ | 95,882       |   | $ | 508,805   |   | $ | 353,022  |   | $ | 3,129,247     |   | $ | 73,677   |   | $ | 4,160,633  |  
|Expenditures                                        |   | 9,204        |   |   | 26,740    |   |   | 1,114    |   |   | 9,811,677     |   |   | 61,109   |   |   | 9,909,844  |  
|Impairment                                          |   | (76,387      | ) |   | -         |   |   | -        |   |   | -             |   |   | -        |   |   | (76,387    | )
|Balance at
      December 31, 2017                  |   | 28,699       |   |   | 535,545   |   |   | 354,136  |   |   | 12,940,924    |   |   | 134,786  |   |   | 13,994,090 |  
|Expenditures                                        |   | 68,789       |   |   | -         |   |   | 3,586    |   |   | 18,265,301    |   |   | 52,287   |   |   | 18,389,963 |  
|Recovery of exploration and evaluation expenditures |   | -            |   |   | (126,007  | ) |   | -        |   |   | -             |   |   | -        |   |   | (126,007   | )
|Impairment                                          |   | (97,488      | ) |   | -         |   |   | (357,722 | ) |   | -             |   |   | (187,073 | ) |   | (642,283   | )
|Balance at
      December 31, 2018                  | $ | -            |   | $ | 409,538   |   | $ | -        |   | $ | 31,206,225    |   | $ | -        |   | $ | 31,615,763 |  

(1)The following table details the
Companys Las Chispas exploration and evaluation asset expenditures to date:

|                                                               |   | Cumulativeto
          December 31, 2016 |  |   | **Expenditures** during the year |  |   | Cumulative to December 31, 2017 |  |   | Expenditures during the year |  |   | Cumulative to December 31, 2018 | 
|-------------------------------------------------------------- | - | ---------------------------------------- |  | - | -------------------------------- |  | - | ------------------------------- |  | - | ---------------------------- |  | - | ------------------------------- | 
|                                                               |   |                                          |  |   |                                  |  |   |                                 |  |   |                              |  |   |                                 | 
|Acquisition costs:                                             |   |                                          |  |   |                                  |  |   |                                 |  |   |                              |  |   |                                 | 
|Option,
      concession, and surface rights payments (note 8) | $ | 312,140                                  |  | $ | 623,452                          |  | $ | 935,592                         |  | $ | 3,861,590                    |  | $ | 4,797,182                       | 
|Exploration and evaluation
      expenditures:                 |   |                                          |  |   |                                  |  |   |                                 |  |   |                              |  |   |                                 | 
|Assays                                                         |   | 371,891                                  |  |   | 1,018,392                        |  |   | 1,390,283                       |  |   | 1,422,284                    |  |   | 2,812,567                       | 
|Depreciation
      (note 6)                                    |   | -                                        |  |   | 38,305                           |  |   | 38,305                          |  |   | 54,762                       |  |   | 93,067                          | 
|Drilling                                                       |   | 1,642,359                                |  |   | 5,825,873                        |  |   | 7,468,232                       |  |   | 10,044,369                   |  |   | 17,512,601                      | 
|Field and
      administrative costs                           |   | 185,210                                  |  |   | 1,024,891                        |  |   | 1,210,101                       |  |   | 636,955                      |  |   | 1,847,056                       | 
|Salaries and
      remuneration (notes 7)                      |   | 455,543                                  |  |   | 673,268                          |  |   | 1,128,811                       |  |   | 1,344,513                    |  |   | 2,473,324                       | 
|Share-based
      compensation (notes 7 and 8)                 |   | 28,097                                   |  |   | 285,723                          |  |   | 313,820                         |  |   | 437,021                      |  |   | 750,841                         | 
|Technical
      consulting services (note 7)                   |   | 43,980                                   |  |   | 207,326                          |  |   | 251,306                         |  |   | 393,109                      |  |   | 644,415                         | 
|Travel and lodging                                             |   | 90,027                                   |  |   | 114,447                          |  |   | 204,474                         |  |   | 70,698                       |  |   | 275,172                         | 
|TOTAL                                                          | $ | 3,129,247                                |  | $ | 9,811,677                        |  | $ | 12,940,924                      |  | $ | 18,265,301                   |  | $ | 31,206,225                      | 



|15
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

5.EXPLORATION AND EVALUATION ASSETS(continued)

The following table summarizes the option payments for
concessions at the Las Chispas Property in Sonora, Mexico:

|            |  | # of        |  |  |         |  |   | Future option      |  |   | Paid in 2018 |  |   | Paid in 2017 |  |   | Prior option   |  |   | Total option   | 
|----------- |  | ----------- |  |  | ------- |  | - | ------------------ |  | - | ------------ |  | - | ------------ |  | - | -------------- |  | - | -------------- | 
|Property    |  | concessions |  |  | Title % |  |   | **payments (US$)** |  |   | (US$)        |  |   | (US$)        |  |   | payments (US$) |  |   | payments (US$) | 
|Las Chispas |  | 6           |  |  | 100%    |  | $ | -                  |  | $ | -            |  | $ | -            |  | $ | -              |  | $ | -              | 
|Las Chispas |  | 1           |  |  | 100%    |  | $ | -                  |  | $ | 100,000      |  | $ | 40,000       |  | $ | 10,000         |  | $ | 150,000        | 

A 2% net smelter return royalty is payable for material from
  this concession that has processed grades greater than or equal to 40 ounces per
  tonne of silver and 0.5 ounces per tonne of gold, combined. In 2018 and 2017, in
  relation to this concession, the Company made option payments of $126,510 (US$
  100,000) and $51,944 (US$40,000) respectively.

|Las Chispas |  | 4 |  |  | 20% |  | $ | 360,000 |  | $ | 146,400 |  | $ | 35,000 |  | $ | 30,000 |  | $ | 571,400 | 
|----------- |  | - |  |  | --- |  | - | ------- |  | - | ------- |  | - | ------ |  | - | ------ |  | - | ------- | 

The Company had the right and option to purchase an undivided
  100% title in four concessions for total consideration of US$575,000. On June
  27, 2018, the Company and an option holder representing a 20% title to the four
  mining concessions agreed to amend the schedule of remaining payments whereby
  the Company could exercise its option and earn a 20% interest in the
  concessions. The original payment schedule called for a payment of US$20,000 (of
  a total US$100,000) on May 20, 2019 and US$70,000 (of a total US$350,000) on May
  20, 2020. The amended payment schedule called for an option payment of
  US$86,400, representing a 4% discount to the original total remaining payments
  of US$90,000, on June 27, 2018, for an amended total of $571,400. As a result,
  the Company made a payment of $111,551 (US$86,400), as amended, and earned a 20%
  interest in the concessions. In 2018 and 2017, in relation to these concessions,
  the Company made total option payments of $189,017 (US$ 146,400) and $45,451
  (US$35,000) respectively.

|Las Chispas |  | 13 |  |  | 100% |  | $ | - |  | $ | 2,525,000 |  | $ | 300,000 |  | $ | 125,000 |  | $ | 2,950,000 | 
|----------- |  | -- |  |  | ---- |  | - | - |  | - | --------- |  | - | ------- |  | - | ------- |  | - | --------- | 

The Company received the right and option to purchase an
  undivided 100% title in 13 concessions for total consideration of US$2,950,000.
  During 2017, the Company and the concession holder agreed to amend the schedule
  of remaining payments. The original payment schedule detailed a final payment of
  US$2,725,000 on June 2, 2018. Of which US$500,000 was payable in common shares
  of SilverCrest and an additional US$500,000, at the concession holders option,
  could be paid in common shares of SilverCrest. As a result, during 2018, the
  Company paid $2,644,144 (US$2,025,000) in cash and US$500,000 in common shares
  for a total of US$2,525,000, as amended. The Company issued 236,750 common
  shares with a fair value of $682,992 (note 8), which was recorded as an
  acquisition cost. The concession holder did not exercise their right to receive
  common shares. Total acquisition costs of $3,327,136 were recorded in 2018.
  During 2017, the Company paid $129,860 (US$100,000), as scheduled, and $259,720
  (US$200,000), as amended, for total options payments of $389,580
  (US$300,000).

|Las Chispas |  | 1 |  |  | 0%  |  | $ | 100,000 |  | $ | - |  | $ | 20,000 |  | $ | 30,000 |  | $ | 150,000 | 
|----------- |  | - |  |  | --- |  | - | ------- |  | - | - |  | - | ------ |  | - | ------ |  | - | ------- | 
|Las Chispas |  | 1 |  |  | 67% |  | $ | -       |  | $ | - |  | $ | 5,000  |  | $ | -      |  | $ | 5,000   | 

The remaining 33% is owned by a local Mexican family and not
  optioned to SilverCrest.

|Las Chispas |  | 2 |  |  | 0% |  | $ | 150,000 |  | $ | 26,697 |  | $ | - |  | $ | - |  | $ | 176,697 | 
|----------- |  | - |  |  | -- |  | - | ------- |  | - | ------ |  | - | - |  | - | - |  | - | ------- | 

During 2018, the Company acquired an option to purchase the
  rights to a mining concession application from a local Mexican company. The
  Company also agreed to pay US$150,000 upon receiving 100% title to the
  concession.

|Total Las Chispas Concessions |  | 28 |  |  |  |  | $ | 610,000 |  | $ | 2,798,097 |  | $ | 400,000 |  | $ | 195,000 |  | $ | 4,003,097 | 
|----------------------------- |  | -- |  |  |  |  | - | ------- |  | - | --------- |  | - | ------- |  | - | ------- |  | - | --------- | 

|16
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

5.EXPLORATION AND EVALUATION ASSETS(continued)

The following table summarizes the option payments for
concessions at the Cruz de Mayo Property in Sonora, Mexico:

Futureoption
    
    
    
    
    
    
    
    
    Prioroption
    
    
    Totaloption#of
    
    
    
    
    
    payments
    
    
    **Paid in 2018**
    
    
    **Paid in 2017**
    
    
    payments
    
    
    paymentsProperty
    
    concessions
    
    
    Title%
    
    
    (US$)
    
    
    (US$)
    
    
    (US$)
    
    
    (US$)
    
    
    (US$)Cruz de Mayo
    
    1
    
    
    100%
    
    $
    -
    
    $
    -
    
    $
    -
    
    $
    -
    
    $
    -Cruz de Mayo
    
    1
    
    
    0%
    
    $
    655,000
    
    $
    100,000
    
    $
    -
    
    $
    245,000
    
    $
    1,000,000


The Company had an option to purchase a 100% interest in the El
Gueriguito concession, which was terminated in December 2017. As a result,
during 2017, the Company recorded impairment expense of $76,387 for related
previously capitalized costs. During 2018, the Company reinstated its option
agreement for this concession and made payments of $130,575 (US$100,000). While
the Company continues to have either a 100% interest or the option to purchase a
100% interest in the Cruz de Mayo concessions, no substantive exploration
expenditures are currently budgeted nor planned. As a result during 2018, the
Company recorded impairment expense of $97,488 for all remaining capitalized
costs relating to theseconcessions.

TotalCruzDeMayoConcessions
    
    2
    
    
    
    
    $
    655,000
    
    $
    100,000
    
    $
    -
    
    $
    245,000
    
    $
    1,000,000


Other properties in Mexico

The Companys other Mexican exploration properties include
Huasabas, Guadalupe, Angel de Plata, and Estacion Llano.

On February 28, 2018, the Company entered into an option
agreement whereby the optionee can earn a 100% interest in the Guadalupe
property by making staged payments of $126,007 (US$100,000) upon signing
(received), US$100,000 on February 28, 2019 (received subsequent to December 31,
2018), and US$300,000 on February 28, 2020. The Company recorded the option
payment and the reimbursement of concession taxes as a recovery and credited it
against the carrying value of the Guadalupe property.

While the Company continues to have a 100% interest in the
Huasabas, Angel de Plata, and Estacion Llano properties, no substantive
exploration expenditures are currently budgeted nor planned. As a result during
2018, the Company recorded impairment expense of $544,795 for all previously
capitalized costs related to these properties.

6.PROPERTY AND EQUIPMENT

Computer
      
      
      Equipment
      
      
      Vehicle
      
      
      Land(1
      )
      
      TotalCostBalance at December 31, 2016
      $
      18,911
      
      $
      47,047
      
      $
      64,061
      
      $
      -
      
      $
      130,019Additions
      
      13,521
      
      
      31,399
      
      
      43,365
      
      
      854,974
      
      
      943,259As at December 31, 2017
      
      32,432
      
      
      78,446
      
      
      107,426
      
      
      854,974
      
      
      1,073,278Additions
      
      9,664
      
      
      629
      
      
      111,756
      
      
      238,530
      
      
      360,579As at December 31, 2018
      $
      42,096
      
      $
      79,075
      
      $
      219,182
      
      $
      1,093,504
      
      $
      1,433,857Accumulated depreciationBalance at December 31, 2016
      $
      9,192
      
      $
      5,513
      
      $
      14,051
      
      $
      -
      
      $
      28,756Depreciation for
        the year
      
      8,670
      
      
      11,630
      
      
      23,184
      
      
      -
      
      
      43,484As at December 31, 2017
      
      17,862
      
      
      17,143
      
      
      37,235
      
      
      -
      
      
      72,240Depreciation for
        the year(2)
      
      8,370
      
      
      8,009
      
      
      42,354
      
      
      -
      
      
      58,733As at December 31, 2018
      $
      26,232
      
      $
      25,152
      
      $
      79,589
      
      $
      -
      
      $
      130,973Carrying amountsAs at December
        31, 2017
      $
      14,570
      
      $
      61,303
      
      $
      70,191
      
      $
      854,974
      
      $
      1,001,038As at December 31, 2018
      $
      15,864
      
      $
      53,923
      
      $
      139,593
      
      $
      1,093,504
      
      $
      1,302,884


|(1) | In May 2017, the Companys Mexico subsidiary purchased
      land located in Sonora, Mexico.                          
|--- | ----------------------------------------------------------------------------------------------------------------------
|(2) | During 2018, depreciation of $54,762 (2017  $38,305) was
      included in exploration and evaluation assets (note
5)

|17
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

7.RELATED PARTY TRANSACTIONS

Professional fees

During 2018, the Company paid or accrued professional fees of
$79,804 (2017  $40,244) and capital stock issuance costs of $259,081 (2017 
$94,945), to Koffman Kalef LLP, a law firm of which the Companys Corporate
Secretary is a partner. At December 31, 2018, $105,375 (2017  $103,195) was
payable to Koffman Kalef LLP.

Key management compensation

The Companys key management personnel have authority and
responsibility for planning, directing, and controlling the activities of the
Company and include the Companys Chief Executive Officer (CEO), President,
Chief Financial Officer (CFO) and Chief Operating Officer (COO). Key
management personnel compensation is summarized as follows:

|                                    |   | 2018      |  |   | 2017      | 
|----------------------------------- | - | --------- |  | - | --------- | 
|Management fees (1)                 | $ | 431,250   |  | $ | 258,750   | 
|Management remuneration(2)          |   | 612,880   |  |   | 129,745   | 
|Director fees                       |   | 69,039    |  |   | 68,682    | 
|Share -based
      compensation (3) |   | 2,471,541 |  |   | 2,314,719 | 
|                                    | $ | 3,584,710 |  | $ | 2,771,896 | 

|(1) | During 2018 and 2017, management fees were paid to a
      company controlled by the CEO. During 2017, management fees were paid to a
      company controlled by the former Executive Vice President of the
      Company.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | During 2018, remuneration and short-term benefits were
      paid to the President, CFO, and COO. During 2017, remuneration and
      short-term benefits were paid to the CFO.                                            
|(3) | Share-based compensation is the fair value of the vested
      portion of stock options that have been granted to directors and officers
      of the Company.                                                             

Other transactions

During 2018, the Company:

- paid remuneration of $370,216 (2017  $166,282) to two employees (2017 
  one employee) providing technical services who are immediate family members of
  the CEO, of which $215,156 (2017  $130,544) was recorded as exploration and
  evaluation expenditures (note 5) and $155,060 (2017  $35,738) was expensed.
  The Company also recorded share-based compensation of $214,833 (2017 
  $165,855) for the vested portion of stock options granted to these employees,
  of which $126,927 (2017  $165,855) was recorded as exploration and evaluation
  expenditures (note 5) and $87,906 (2017  $Nil) was expensed; and
- paid consulting fees of $Nil (2017  $76,640) and recorded share-based
  compensation expense of $Nil (2017  $33,719), for the vested portion of stock
  options granted, to a consultant (now one of the two employees noted above)
  providing technical services who is an immediate family member of the CEO.
  Amounts recognized to this consultant were recorded as exploration and
  evaluation expenditures (note 5); and
- the Company recorded a loan receivable of $40,499 from the President which
  bears an interest rate of 2% per annum and is due on December 31, 2019.

On October 1, 2015, the Company entered into an allocation of
costs agreement with Goldsource Mines Inc. (Goldsource), a company related by
common directors and officers, whereby the Company shares salaries,
administrative services, and other expenses. During 2018, the Company allocated
to Goldsource $138,541 (2017  $176,174) for its share of these expenses, of
which $79,105 (2017  $61,104) was receivable from Goldsource at December 31,
2018.

8.CAPITAL STOCK

Authorized shares

The Companys authorized capital stock consists of an unlimited
number of common shares and an unlimited number of preferred shares without
nominal or par value.

|18
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

8.CAPITAL STOCK(continued)

Issued and outstanding

At December 31, 2018, the Company had 84,922,633 common shares
and no preferred shares outstanding.

2018

On January 17, 2018, the Company completed a private placement,
with the new President of the Company, of 451,800 units at a price of $1.66 per
unit for gross proceeds of $749,988. Each unit consisted of one common share and
one half warrant. Each whole warrant entitles the holder to purchase one common
share at a price of $2.29 per share until January 17, 2020. The Company did not
pay a finders fee in connection with the private placement and incurred $15,817
of capital stock issuance costs.

On May 17, 2018, the Company completed a prospectus offering of
8,214,450 common shares at a price of $2.10 per common share for gross proceeds
of $17,250,345. The Company incurred $1,313,612 of capital stock issuance costs
related to the prospectus offering.

On December 7, 2018, the Company completed a private placement
with SSR Mining Inc. of 8,220,645 common shares at a price of $3.73 per common
share for gross proceeds of $30,663,006. The Company did not pay a finders fee
in connection with the private placement and incurred $245,823 of capital stock
issuance costs.

During 2018, the Company issued an aggregate of 236,750 common
shares to a mineral property concession holder pursuant to a mineral property
option agreement (note 5). The fair value of the shares was $682,992 and the
Company incurred $10,007 in related capital stock issuance costs.

During 2018, the Company issued 1,052,500 common shares at
$1.45 per common share and 2,458,585 common shares at $3.00 per common share for
total gross proceeds of $8,901,880 on the exercise of warrants. The Company
incurred $2,257 of related capital stock issuance costs. The Company also issued
685,000 common shares at $0.16 per common share for gross proceeds of $109,600
on the exercise of options. Accordingly, the Company reallocated $64,068 from
reserves to capital stock.

During 2018, the Company recovered $11,656 (2017  $7,698) of
capital stock issuance costs for shares issued in prior years.

2017

During 2017, the Company issued 6,232,571 common shares at
$0.20 per share for gross proceeds of $1,246,514 on the exercise of warrants and
25,005 common shares at $0.06 per share for gross proceeds of $1,500 on the
exercise of stock options.

On December 19, 2017, the Company completed a private placement
of 9,572,810 units at a price of $1.05 per unit for gross proceeds of
$10,051,451. Each unit consisted of one common share and one half warrant. Each
whole warrant entitles the holder to purchase one common share at a price of
$1.45 per share until December 19, 2019. During 2017, in connection with the
private placement, the Company incurred $773,565 in capital stock issuance
costs.

Warrants

Warrant transactions during the year are as follows:

|                               |  | 2018       |   |   | 2017                       | 
|------------------------------ |  | ---------- | - | - | -------------------------- | 
|                               |  | Numberof   |   |   | **Weighted
      average** | 
|                               |  | warrants   |   |   | exerciseprice              | 
|Outstanding, beginning of year |  | 7,402,655  |   | $ | 2.00                       | 
|Issued                         |  | 225,900    |   |   | 2.29                       | 
|Exercised                      |  | (3,511,085 | ) |   | 2.54                       | 
|Expired                        |  | (157,665   | ) |   | 3.00                       | 
|Outstanding, end of year       |  | 3,959,805  |   | $ | 1.50                       | 

|19
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

**8.****CAPITAL STOCK**(continued)

Warrants(continued)

The warrants outstanding at December 31, 2018 are as
follows:

|                  |   |               |  |  | Remaininglife |  |  | Number     | 
|----------------- | - | ------------- |  |  | ------------- |  |  | ---------- | 
|Expirydate        |   | Exerciseprice |  |  | (years)       |  |  | ofwarrants | 
|December 19, 2019 | $ | 1.45          |  |  | 0.97          |  |  | 3,733,905  | 
|January 17, 2020  | $ | 2.29          |  |  | 1.05          |  |  | 225,900    | 
|                  |   |               |  |  |               |  |  | 3,959,805  | 

The weighted average remaining life of warrants outstanding is
0.97 years.

Stock options

The Company has a rolling 10% Stock Option Plan which
authorizes the grant of stock options to directors, officers, employees, and
consultants, enabling them to acquire common shares of the Company to a maximum
of 10% of the then issued and outstanding common shares. The exercise price of
any option will be the market price of the Company's stock as at the date of the
grant. The options can be granted for a maximum term of ten years with vesting
determined by the Board of Directors.

A summary of the Companys stock option transactions during the
year is as follows:

|                               |  |           |   |   | 2018            |  |  |           |   |   | 2017            | 
|------------------------------ |  | --------- | - | - | --------------- |  |  | --------- | - | - | --------------- | 
|                               |  | Numberof  |   |   | Weightedaverage |  |  | Numberof  |   |   | Weightedaverage | 
|                               |  | options   |   |   | exercisedprice  |  |  | options   |   |   | exercisedprice  | 
|Outstanding, beginning of year |  | 4,825,000 |   | $ | 1.24            |  |  | 3,900,005 |   | $ | 1.06            | 
|Issued                         |  | 3,487,500 |   |   | 2.66            |  |  | 950,000   |   |   | 1.95            | 
|Exercised                      |  | (685,000  | ) |   | 0.16            |  |  | (25,005   | ) |   | 0.06            | 
|Outstanding, end
      of year |  | 7,627,500 |   | $ | 1.99            |  |  | 4,825,000 |   | $ | 1.24            | 

During 2018, the Company granted:

- 500,000 stock options, on January 2, 2018, to the new President of the
  Company that can be exercised at a price of $1.84 per share until January 2,
  2023;
- 955,000 stock options to directors, officers, employees, and consultants
  that can be exercised at a price of $1.94 per share until January 4, 2023;
- 50,000 stock options to an employee that can be exercised at a price of
  $2.37 per share until March 1, 2023;
- 100,000 stock options to a new director that can be exercised at a price of
  $2.69 per share until May 31, 2023;
- 100,000 stock options to a new director that can be exercised at a price of
  $3.41 per share until November 11, 2023;
- 200,000 stock options to the new COO that can be exercised at a price of
  $3.30 per share until November 13, 2023; and
- 1,582,500 stock options to directors, officers, employees, and consultants
  that can be exercised at a price of $3.24 per share until December 14, 2023.

Options granted during 2018 vest over a
one year period, with 25% vesting after each of three months, six months, nine
months, and twelve months after the grant date, respectively.

During 2017, the Company granted:

- 100,000 stock options, on January 3, 2017, to a newly appointed director
  that can be exercised at a price of $2.55 per share until January 3, 2022; and
- 850,000 stock options, on August 4, 2017, to directors, officers,
  employees, and consultants that can be exercised at a price of $1.88 per share
  until August 4, 2022.

Options granted during 2017 vest over a
one year period, with 25% vesting after each of three months, six months, nine
months, and twelve months after the grant date, respectively.

|20
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

8.CAPITAL STOCK(continued)

Stock options(continued)

Stock options outstanding and exercisable at December 31, 2018
are as follows:

|                  |   |               |  |  | Optionsoutstanding |  |  | Optionsexerciseable | 
|----------------- | - | ------------- |  |  | ------------------ |  |  | ------------------- | 
|                  |   |               |  |  | Numberofshares     |  |  | Remaininglife       | 
|Expirydate        |   | Exerciseprice |  |  | issuableonexercise |  |  | (years)             | 
|December 9, 2020  | $ | 0.16          |  |  | 1,565,000          |  |  | 1.94                | 
|October 17, 2021  | $ | 2.56          |  |  | 100,000            |  |  | 2.80                | 
|December 9, 2021  | $ | 2.30          |  |  | 1,525,000          |  |  | 2.94                | 
|January 3, 2022   | $ | 2.55          |  |  | 100,000            |  |  | 3.01                | 
|August 4, 2022    | $ | 1.88          |  |  | 850,000            |  |  | 3.59                | 
|January 2, 2023   | $ | 1.84          |  |  | 500,000            |  |  | 4.01                | 
|January 4, 2023   | $ | 1.94          |  |  | 955,000            |  |  | 4.01                | 
|March 1, 2023     | $ | 2.37          |  |  | 50,000             |  |  | 4.17                | 
|May 31, 2023      | $ | 2.69          |  |  | 100,000            |  |  | 4.42                | 
|November 11, 2023 | $ | 3.41          |  |  | 100,000            |  |  | 4.87                | 
|November 13, 2023 | $ | 3.30          |  |  | 200,000            |  |  | 4.87                | 
|December 14, 2023 | $ | 3.24          |  |  | 1,582,500          |  |  | 4.96                | 
|                  |   |               |  |  | 7,627,500          |  |  |                     | 

The weighted average remaining life of options outstanding is
3.53 years.

Share-based compensation

The fair value of options granted during 2018 and 2017 was
estimated using the Black-Scholes Option Pricing Model using the following
assumptions:

|                             |   | 2018      |  |   | 2017      | 
|---------------------------- | - | --------- |  | - | --------- | 
|Expected option life (years) |   | 4.67      |  |   | 4.54      | 
|Expected volatility          |   | 88.62%    |  |   | 74.26%    | 
|Expected dividend yield      |   | -         |  |   | -         | 
|Risk-free interestrate       |   | 2.00%     |  |   | 1.35%     | 
|Expected forfeiture rate     |   | 1.00%     |  |   | 1.00%     | 
|Fair value per share         | $ | 1.74      |  | $ | 1.13      | 
|Total fair value             | $ | 6,069,960 |  | $ | 1,068,207 | 

During 2018, the Company recognized share-based compensation
expense of $2,700,894 for the vested portion of these stock options, of which
$2,298,407 was expensed and $402,487 was capitalized as exploration expenditures
(note 5). The Company also recognized share-based compensation of $280,961 for
the vested portion of stock options previously granted during 2017, of which
$246,427 was expensed and $34,534 was capitalized as exploration expenditures
(note 5).

During 2017, the Company recognized share-based compensation
expense of $787,245 for the vested portion of these stock options, of which
$681,919 was expensed and $105,326 was capitalized as exploration expenditures.
The Company also recognized share-based compensation of $1,949,499 for the
vested portion of stock options previously granted during 2016, of which
$1,769,102 was expensed and $180,397 was capitalized as exploration expenditures
(note 5).

Share-based payment reserve

The share-based payment reserve records items recognized as
share-based compensation and the fair value of private placement warrants issued
based on the residual method. At the time that stock options or warrants are
exercised, the corresponding amount is reallocated to share capital or, if
cancelled or expired, the corresponding amount is reallocated to deficit.

|21
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

8.CAPITAL STOCK(continued)

Share-based payment reserve(continued)

A summary of share-based payment reserve transactions is as
follows:

|                                                            |   | 2018      |   |   | 2017      |  
|----------------------------------------------------------- | - | --------- | - | - | --------- | -
|Balance, beginning of year                                  | $ | 3,278,378 |   | $ | 544,757   |  
|Share -based compensation                                   |   | 2,981,855 |   |   | 2,736,744 |  
|Stock options exercised, reallocated to capital
      stock |   | (64,068   | ) |   | (3,123    | )
|Balance, end of
      year                                  | $ | 6,196,165 |   | $ | 3,278,378 |  

9.INCOME TAXES

A reconciliation of income taxes calculated at the combined
statutory tax rate to the income tax expense is as follows:

|                                                                        |   | 2018       |   |   | 2017       |  
|----------------------------------------------------------------------- | - | ---------- | - | - | ---------- | -
|Net loss for the year                                                   | $ | (5,771,550 | ) | $ | (4,875,261 | )
|                                                                        |   |            |   |   |            |  
|Expected income tax (recovery)                                          | $ | (1,558,000 | ) | $ | (1,268,000 | )
|Change instatutory, foreign tax, foreign exchange rates and
      other |   | (507,000   | ) |   | (52,000    | )
|Permanent differences                                                   |   | 611,000    |   |   | 686,000    |  
|Share issue cost                                                        |   | (425,000   | ) |   | (199,000   | )
|Adjustment to prior years provision versus
      statutory tax returns  |   | (15,000    | ) |   | 35,000     |  
|Change in
      unrecognized deductible temporary differences           |   | 1,894,000  |   |   | 798,000    |  
|Total income taxexpense (recovery)                                      | $ | -          |   | $ | -          |  

The tax effects of temporary differences that give rise to
significant portions of the deferred taxed assets (liabilities) are as follows:

|                                                      |   | 2018       |   |   | 2017       |  
|----------------------------------------------------- | - | ---------- | - | - | ---------- | -
|Deferred tax assets (liabilities)                     |   |            |   |   |            |  
|Exploration and evaluation assets                     | $ | 506,000    |   | $ | (246,000   | )
|Property and equipment                                |   | 41,000     |   |   | (4,000     | )
|Share issue costs                                     |   | 576,000    |   |   | 333,000    |  
|Non-capital  losses available for
      future period |   | 1,995,000  |   |   | 1,141,000  |  
|Unrecognized deferred tax assets                      |   | (3,118,000 | ) |   | (1,224,000 | )
|Net deferred tax assets (liabilities)                 | $ | -          |   | $ | -          |  

At December 31, 2018, the Company has non-capital loss
carry-forwards of approximately $7,295,000 (Canada) and $83,000 (Mexico) for
income tax purposes. The non-capital losses in Canada may be utilized to reduce
future years' taxable income and expire over the years 2035 to 2038. The
non-capital losses in Mexico may be utilized to reduce future years taxable
income and expire in 2028. Deferred tax assets, which may arise as a result of
these losses, have not been recognized as the Company determined that, as at
December 31, 2018, their realization is uncertain.

|22
|--

---

|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

10.SEGMENTED
INFORMATION

The Company operates in one reportable segment, being the
acquisition and exploration of mineral property interests in Mexico.

Geographical segmented information is presented as follows:

|2018                                    |   | Canada    |  |   | Mexico     |  |   | Total      | 
|--------------------------------------- | - | --------- |  | - | ---------- |  | - | ---------- | 
|Net loss for the year                   | $ | 5,395,830 |  | $ | 375,720    |  | $ | 5,771,550  | 
|                                        |   |           |  |   |            |  |   |            | 
|Asset Information                       |   |           |  |   |            |  |   |            | 
|Taxes receivable                        | $ | -         |  | $ | 3,877,934  |  | $ | 3,877,934  | 
|Deposits                                | $ | 70,553    |  | $ | -          |  | $ | 70,553     | 
|Property and equipment                  | $ | 10,053    |  | $ | 1,292,831  |  | $ | 1,302,884  | 
|Exploration and
      evaluation assets | $ | -         |  | $ | 31,615,763 |  | $ | 31,615,763 | 
|                                        |   |           |  |   |            |  |   |            | 
|2017                                    |   |           |  |   |            |  |   |            | 
|Net loss for the year                   | $ | 4,571,123 |  | $ | 304,138    |  | $ | 4,875,261  | 
|                                        |   |           |  |   |            |  |   |            | 
|Asset Information                       |   |           |  |   |            |  |   |            | 
|Taxes receivable                        | $ | -         |  | $ | 1,526,702  |  | $ | 1,526,702  | 
|Deposits                                | $ | 58,076    |  | $ | -          |  | $ | 58,076     | 
|Property and equipment                  | $ | 3,730     |  | $ | 997,308    |  | $ | 1,001,038  | 
|Exploration and
      evaluation assets | $ | -         |  | $ | 13,994,090 |  | $ | 13,994,090 | 

11.COMMITMENT

The Company leases its head office under a non-cancellable
operating lease expiring within five years. On renewal, the terms of the lease
are renegotiated. In 2018, excess office space was sub-let to a third party
under a non-cancellable operating lease expiring in two years. Commitments for
minimum lease payments in relation to non-cancellable operating leases are
payable as follows:

|                                                                    |   | 2018    |  |   | 2017   | 
|------------------------------------------------------------------- | - | ------- |  | - | ------ | 
|Leasepayments                                                       |   |         |  |   |        | 
|Within one year                                                     | $ | 181,184 |  | $ | 96,106 | 
|Later than one year but not later than five years                   |   | 649,241 |  |   | -      | 
|Later than five years                                               |   | -       |  |   | -      | 
|Total                                                               | $ | 830,425 |  | $ | 96,106 | 
|Sub-Leasepayments                                                   |   |         |  |   |        | 
|Future minimum lease payments to be received                        |   |         |  |   |        | 
|in relation to non-cancellable sub-leases of operating
      leases | $ | 112,146 |  | $ | 500    | 

12.FINANCIAL
INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company is exposed to various financial instrument risks
and assesses the impact and likelihood of this exposure. These risks include
liquidity, foreign currency, and credit and interest rate risks. Where material,
these risks are reviewed and monitored by the Board of Directors.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they fall due. The Company has in place a
planning and budgeting process to help determine the funds required to ensure
the Company has the appropriate liquidity to meet its operating and growth
objectives. The Companys cash and cash equivalents are invested in business
accounts with quality financial institutions, and are available on demand for
the Companys programs.

|23
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|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

12.FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS(continued)

Foreign currency risk

The Company operates in Canada and Mexico and is therefore
exposed to foreign exchange risk arising from transactions denominated in a
foreign currency. The operating results and the financial position of the
Company are reported in Canadian dollars. The fluctuations of the operating
currencies in relation to the Canadian dollar will, consequently, have an impact
upon the reporting results of the Company, and may also affect the value of the
Companys assets and liabilities. The Company has not entered into any
agreements or purchased any instruments to hedge possible currency risks at this
time.

The Company is exposed to foreign currency risk through the
following financial assets and liabilities held in the following Canadian dollar
equivalents:

|2018                                                 |   | Canadian Dollar |   |   | US Dollar  |   |   | Mexican Peso |   |   | Total      |  
|---------------------------------------------------- | - | --------------- | - | - | ---------- | - | - | ------------ | - | - | ---------- | -
|Cash and cash equivalents                            | $ | 11,308,391      |   | $ | 32,359,542 |   | $ | 345,809      |   | $ | 44,013,742 |  
|Amounts receivable                                   |   | 169,449         |   |   | -          |   |   | 1,125        |   |   | 170,574    |  
|Taxes receivable                                     |   | 36,519          |   |   | -          |   |   | 3,877,934    |   |   | 3,914,453  |  
|Total financial assets                               |   | 11,514,359      |   |   | 32,359,542 |   |   | 4,224,868    |   |   | 48,098,769 |  
|Less: accounts
      payable and accrued liabilities |   | (730,583        | ) |   | (731,593   | ) |   | (362         | ) |   | (1,462,538 | )
|Net financial
      assets                           | $ | 10,783,776      |   | $ | 31,627,949 |   | $ | 4,224,506    |   | $ | 46,636,231 |  
|                                                     |   |                 |   |   |            |   |   |              |   |   |            |  
|2017                                                 |   | Canadian Dollar |   |   | US Dollar  |   |   | Mexican Peso |   |   | Total      |  
|Cash and cash equivalents                            | $ | 10,074,987      |   | $ | 39,180     |   | $ | 2,157        |   | $ | 10,116,324 |  
|Amounts receivable                                   |   | 64,263          |   |   | -          |   |   | 4,373        |   |   | 68,636     |  
|Taxes receivable                                     |   | 19,500          |   |   | -          |   |   | 1,526,702    |   |   | 1,546,202  |  
|Total financial assets                               |   | 10,158,750      |   |   | 39,180     |   |   | 1,533,232    |   |   | 11,731,162 |  
|Less: accounts
      payable and accrued liabilities |   | (306,778        | ) |   | (581,493   | ) |   | (18,020      | ) |   | (906,291   | )
|Net financial
      assets                           | $ | 9,851,972       |   | $ | (542,313   | ) | $ | 1,515,212    |   | $ | 10,824,871 |  

At December 31, 2018, a 10% appreciation (depreciation) in the
value of the US dollar and Mexican peso against the Canadian dollar, with
all other variables held constant, would result in approximately a $3.6 million
increase (decrease) in the Companys net loss for the year.

Credit risk

Credit risk is the risk of potential loss to the Company if the
counterparty to a financial instrument fails to meet its contractual
obligations. The Companys credit risk is primarily attributable to its liquid
financial assets including cash and cash equivalents, amounts receivable, and
taxes receivable. The Company limits exposure to credit risk on liquid financial
assets through maintaining its cash and cash equivalents with high-credit
quality financial institutions. Valued added tax receivables are generated on
the purchase of supplies and services for the Companys exploration programs,
which are refundable from the Canadian and Mexican governments. At December 31,
2018, the amounts receivable balance of $170,574 (2017  $68,636) consisted
primarily of $119,604 (2017  $61,104) due from related parties (note 7). The
carrying amount of financial assets, as stated in the consolidated statement of
financial position, represents the Companys maximum credit exposure.

Interest rate risk

The Companys exposure to interest rate risk arises from the
interest rate impact on its cash and cash equivalents. The Companys practice
has been to invest cash at floating rates of interest in cash equivalents, in
order to maintain liquidity, while achieving a satisfactory return for
shareholders. There is minimal risk that the Company would recognize any loss as
a result of a decrease in the fair value of any term deposit or guaranteed bank
investment certificates, as they are held with a large and stable financial
institution. As at December 31, 2018, with all other variables unchanged, a one
percentage point change in interest rates would not have a significant impact on
the Companys net and comprehensive loss for the year.

|24
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|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

12.FINANCIAL
INSTRUMENTS AND FAIR VALUE MEASUREMENTS(continued)

Financial instruments carrying value and fair value

The Companys financial instruments consist of cash and cash
equivalents, amounts receivable, and accounts payable. The carrying value of
amounts receivable and accounts payable approximate their fair values due to the
short-term nature of these instruments.

The fair value hierarchy establishes three levels to classify
the inputs to valuation techniques used to measure fair value. Level 1 inputs
are quoted prices (unadjusted) in active markets for identical assets or
liabilities. Level 2 inputs are quoted prices in markets that are not active,
quoted prices for similar assets or liabilities in active markets, inputs other
than quoted prices that are observable for the asset or liability (for example,
interest rate and yield curves observable at commonly quoted intervals, forward
pricing curves used to value currency and commodity contracts and volatility
measurements used to value option contracts), or inputs that are derived
principally from or corroborated by observable market data or other means. Level
3 inputs are unobservable (supported by little or no market activity). The fair
value hierarchy gives the highest priority to Level 1 inputs and the lowest
priority to Level 3 inputs. The Companys cash and cash equivalents are measured
using level 1 inputs.

The following table summarizes the classification and carrying
values of the Companys financial instruments at December 31, 2018 and 2017:

|2018                                           |   | FVTPL      |  |   | Amortized cost (financial
          assets) |  |   | Amortized cost (financial
          liabilities) |  |   | Total      | 
|---------------------------------------------- | - | ---------- |  | - | ------------------------------------------- |  | - | ------------------------------------------------ |  | - | ---------- | 
|Financial assets                               |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Cash and cash equivalents                      | $ | 44,013,742 |  | $ | -                                           |  | $ | -                                                |  | $ | 44,013,742 | 
|Amounts receivable                             |   | -          |  |   | 170,574                                     |  |   | -                                                |  |   | 170,574    | 
|Total financial
      assets                   | $ | 44,013,742 |  | $ | 170,574                                     |  | $ | -                                                |  | $ | 44,184,316 | 
|                                               |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Financial
      liabilities                    |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Accounts payable
      and accrued liabilities | $ | -          |  | $ | -                                           |  | $ | 1,462,538                                        |  | $ | 1,462,538  | 
|                                               |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|2017                                           |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Financial assets                               |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Cash and cash equivalents                      | $ | 10,116,324 |  | $ | -                                           |  | $ | -                                                |  | $ | 10,116,324 | 
|Amounts receivable                             |   | -          |  |   | 68,636                                      |  |   | -                                                |  |   | 68,636     | 
|Total financial
      assets                   | $ | 10,116,324 |  | $ | 68,636                                      |  | $ | -                                                |  | $ | 10,184,960 | 
|                                               |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Financial
      liabilities                    |   |            |  |   |                                             |  |   |                                                  |  |   |            | 
|Accounts payable
      and accrued liabilities | $ | -          |  | $ | -                                           |  | $ | 906,291                                          |  | $ | 906,291    | 

13.MANAGEMENT
OF CAPITAL

The Companys objective when managing capital is to safeguard
the Companys ability to continue as a going concern in order to support the
exploration and evaluation of its mineral properties. The capital of the Company
consists of items included in shareholders equity. The Company manages and
adjusts its capital structure when changes to the risk characteristics of the
underlying assets or changes in economic conditions occur. To maintain or adjust
the capital structure, the Company may attempt to raise new funds.

In order to facilitate the management of its capital
requirements, the Company prepares annual expenditure budgets which are revised
periodically based on the results of its exploration programs, the availability
of financing, and industry conditions. There are no external restrictions placed
on the management of capital.

The Companys investment policy is to invest any excess cash in
liquid short-term interest-bearing instruments. When utilized, these instruments
are selected with regard to the expected timing of expenditures from continuing
operations. The Company expects to have sufficient capital resources to meet its
planned administrative overhead expenses and exploration plans for 2019. Actual
funding requirements may vary from those planned due to a number of factors,
including the progress and results of exploration and drilling activities. The
Company believes it will be able to raise capital as required, in the long term,
to fund its exploration programs, but recognizes there will be risks involved
that may be beyond its control.

|25
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|SILVERCREST METALS INC.                       
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(EXPRESSED IN CANADIAN DOLLARS)               
|YEAR ENDED
      DECEMBER 31, 2018            

14.SUBSEQUENT EVENTS

Subsequent to December 31, 2018, the Company:

| | • | completed a private placement, with the new COO of the
      Company, of 100,000 units at a price of $2.92 per unit for gross proceeds
      of $292,000. Each unit consisted of one common share and one half warrant.
      Each whole warrant entitles the holder to purchase one common share at a
      price of $4.03 per share until January 11, 2021. The Company did not pay a
      finders fee in connection with the private placement; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | • | issued a total of 409,905 common shares for
      total gross proceeds of $452,812 the details of which are as follows:                                                                                                                                                                                                                                                                                                                                 

| | o | 165,000 common shares at $0.16 per common share for
      proceeds of $26,400 upon the exercise of options;   
| | - | --------------------------------------------------------------------------------------------------------------
| | o | 40,000 common shares at $1.88 per common share for
      proceeds of $75,200 upon the exercise of options;    
| | o | 127,405 common shares at $1.45 per common share for
      proceeds of $184,737 upon the exercise of warrants; 
| | o | 40,000 common shares at $1.94 per common share for
      proceeds of $77,600 upon the exercise of options;    
| | o | 37,500 common shares at $2.37 per common share for
      proceeds of $88,875 upon the exercise of options; and

| | • | cancelled and returned to treasury 62,722 shares pursuant
      to a depositary agreement dated September 15, 2015 entered into between
      the Company and Computershare Trust Company of Canada (Computershare).
      Computershare was appointed to act as depositary for common shares of the
      Company to be distributed to former shareholders of SilverCrest Mines Inc.
      by a plan of arrangement agreement (the Arrangement) dated July 26,
      2015. Any shares not distributed on or before October 1, 2018, the third
      anniversary of the date of completion of the Arrangement, were returned to
      the Company for cancellation.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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